Chapter 12 Vocabulary

Chapter 12 Vocabulary

9th - 12th Grade

10 Qs

quiz-placeholder

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Chapter 12 Vocabulary

Chapter 12 Vocabulary

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Easy

Created by

Kaitlin Harris

Used 6+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A system of accounting where all revenues and expenses are matched and reported on financial statements for that specific period; regardless of when the cash related to the transaction is received or paid.

Deferred Expenses

Accrual Basis

Accrued Income

Accrued Expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records.

Accrual Basis

Deferred Income

Updated Account Balances

Accrued Expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income that has been earned but not yet received and recorded.

Accrued Expenses

Unearned Income

Accrued Income

Accrual Basis

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expense items acquired, recorded, and paid for in advance of their use.

Deferred Expenses

Accrual Basis

Deferred Income

Accrued Expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income received before it is earned.

Deferred Income

Accrual Basis

Updated Account Balances

Accrued Expenses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A form used to list the quantity and type of goods a firm has in stock.

Net Income Line

Updated Account Balances

Inventory Sheet

Accrual Basis

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Long-term assets that are used in the operation of a business and that are subject to depreciation

Accrual Basis

Accrued Income

Net Income Line

Property, plant, and equipment

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